The other inflating asset is the $500k real estate. Here in the midwest, 40-acre farms a few dozen miles away from cities are constantly being converted into 40

The other inflating asset is the $500k real estate. Here in the midwest, 40-acre farms a few dozen miles away from cities are constantly being converted into 40-unit residential housing complexes that sell at $500k/unit. Zillow and comps in my neighborhood say that my 50-year-old suburban ranch, which I bought 5 years ago, is worth more than double what I paid for it. Buy the farm at $500k, sell it for $1M in a few years to another farmer or a developer, and you'd make double the profit of the cow farm itself. Or spend $200/square (which is itself insane) to build houses on it for a total of $24M and, if current trends continue, sell them all at $1M each for $16M profit. With that insane real estate market status, the cows and lumber at $60k/year are almost a moo point. It's like a cow's opinion, you know, it just doesn't matter. It's "moo". Not that the current real estate bubble isn't guaranteed not to pop. But there are a lot of powerful people and institutions which are highly incentivized to pretend it's not a bubble and make every effort to keep it from popping, so I think it's unlikely to do so.